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  1. #1
    Romeo Delight
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    08.13.09 @ 01:54 PM
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    Default land contract???

    hey all. i have a home i'm trying to sell. unfortunately, it's been up for almost a year. i've had four offers, most fell through because the bank isn't keen on financing a non-stick built home.

    soooooooooooooo....

    some potential buyers are suggesting land contract. clearly, i've got to educate myself immensely before doing this.

    my biggest questions are:

    what is the place is destroyed? am i on the hook for this as if i am the landlord?

    what if the dude decides to sell? can he sell if he's under land contract from me?

    how does it differ from renting?

    do i have to carry insurance?

    curious if anyone here has any exp doing this. info on the net is not exactly clear.

    tx!

    jay

  2. #2
    Atomic Punk
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  3. #3
    Eruption Lightning Fingers's Avatar
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    03.01.12 @ 05:52 PM
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    Default

    Voivod has provided you with some good links. Disclaimer: This is my opinion, but you should always seek legal counsel.

    "what if[sic] the place is destroyed? am i on the hook for this as if i am the landlord?"

    Make sure in the land contract that you and the buyer must have adequate insurance. Also, make sure that there are clauses stating that the buyer incurs wear and tear costs and you would pay for capital costs.

    "what if the dude decides to sell? can he sell if he's under land contract from me?"

    No, he can't sell because you still have title to the property. Make sure you have a clause that states the buyer cannot transfer to another party.

    What you're entering into is a rent to own situation. Make sure the buyer makes a reasonable downpayment, like 25%. You can also charge them a reasonable interest rate on the amount owing. Do not make this a 25 year rent to own, must situations like these are 2 to 5 years.

    You must ensure that the payments you receive pay the property taxes and mortgage, if one exists. Full disclosure would be essential each year to prove to the buyer that you have paid the mortgage and property taxes each year, that way the buyer is guaranteed that there are no encumbrances on the property when the last payment is made. Once the last payment is made, you transfer full title to the buyer. If the buyer defaults, make sure there is a clause that you don't have to refund the payments received. There are risks on both sides, but you must protect yourself and the property first and foremost.

    Be sure to conduct a credit check on the person to see if they can handle a short-term land contract. If their rating score is low (or high risk to default), don't enter into the contract.

    If you can spare the change, go talk with a lawyer to get the full details you need because I'm sure these rules vary from state to state.
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  4. #4
    On Fire LegallyInsane's Avatar
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    01.08.08 @ 05:20 PM
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    Default

    Lightning Fingers is correct; because "real roperty" laws vary from state to state, the best thing you can do is contact an attorney licensed in your state. There are, generally, ways to write your contract such that you are protected. Naturally, certain quirks of your jurisdiction my impact that. Educating yourself is a great idea but you would be better off leaving this to someone licensed. Besides, if he or she screws it up, you can sue them for malpractice...
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  5. #5
    Romeo Delight
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    08.13.09 @ 01:54 PM
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    Default

    thanks. you guys are awesome. i'd never tell anyone i got some insight from a van halen message board but when i'm at a loss, this is almost always the best place to start.

 

 

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